AllianceBernstein said its “portfolios with purpose” assets under management stood at $29 billion, rising rapidly – a sign of clients wanting such solutions as part of their investment toolkit. 

AllianceBernstein has formed a strategic partnership with Impact Engine, a private equity and venture capital investment firm based in Chicago.

The partnership will focus on purpose-driven investments to increase environmental sustainability, economic opportunity, and health equity across venture capital, growth equity and buyout managers, AllianceBernstein said in a statement last week. The arrangement will enhance impact investment offerings for AB’s private wealth business, Bernstein Private Wealth Management. 

“After searching for the right partner to grow with in this space, we are looking forward to syncing up with the team at Impact Engine to generate attractive returns for our clients through investments that can also make a real, positive impact in the world,” Beata Kirr, co-head of investment strategies at Bernstein Private Wealth Management, said.  

AllianceBernstein said its “portfolios with purpose” assets under management stood at $29 billion, rising 37 per cent on a year before. 

“This significant growth represents a strong desire from our clients to have their investments generate positive, tangible change in addition to financial returns,” chief responsibility officer Michelle Dunstan, said. 

Impact Engine was founded in 2012 and is owned by women.